Digital banks among latest ‘winners’ from customers using switching service

Monzo and Starling Bank saw net gains in customers using the seven-day switching service during the last three months of 2019.

Digital banks Monzo and Starling were among the biggest “winners” in terms of gaining customers using the seven-day switching service in the last three months of 2019, figures show.

Monzo made a net gain of more than 20,000 customers using the Current Account Switch Service (Cass) between October and December, while Starling Bank gained more than 9,000.

The report from Cass said it was the first time that Monzo had recorded the highest number of net switching gains among the providers covered.

It was followed by Nationwide Building Society and Lloyds Bank. Starling Bank and NatWest were in fourth and fifth place respectively for net switching gains.

Meanwhile, Barclays, Halifax, Santander, RBS and TSB were among the banks which made net losses of customers switching using Cass during the same period.

The service takes the hassle out of switching banks by automatically moving payments over to the new account and closing the old account.

There is also a guarantee which promises customers that will not be left out of pocket if something goes wrong with the move, which completes in seven working days.

Small businesses and small charities can use the service to change banks, as well as individuals.

Figures from the service also show that a total of 107,611 personal switches and 5,426 business switches took place in March 2020, despite the impact of the coronavirus pandemic.

Here are the net gains and losses banks and building societies made from customers using Cass between October 1 and December 31 2019. The figures do not include switches made outside the scheme and therefore do not reflect all switches made during the period: